Vendep Capital

Founded in 2008, Serent Capital is a leading lower-middle market private equity firm focused on investing in high growth service and technology businesses. Our operating model is distinct in its focus on business building. We strive to be an involved, value-added investor, capable of providing significant operational and strategic support to our portfolio company CEOs on the most critical issues that they face as their companies scale. Serent Capital’s ability to assist its companies is based on its principals’ experience as CEOs, strategic advisers, and Board Members, and a deep network of formal and informal advisors. Our mission is to deliver extraordinary returns by partnering with outstanding executive teams to grow exceptional businesses. Our success in this mission comes from our persistent adherence to our values. Created by founders, for founders When you partner with an investor, you’re looking for a partner with the right values, working style, and personality to build an amazing relationship. Serent was created by experienced founders and operators to offer growing companies the guidance we wished we’d had. With Serent, you can partner with experts who have been there – so we can find opportunities together that will help you scale your business faster. Purpose-driven partnership Imagine the difference it could make to your business if you could rely on top-tier industry experts to guide you through planning your pricing structure or hiring your head of marketing. With Serent, that’s exactly what you get. With everything we do, we strive for collaborative decision making. You can always expect an honest conversation, knowing we’re working toward what’s best for your business. More than financial partners Working with experts is the best way to get better, faster. That’s why we invest in hiring the seasoned pros on our Growth Team – and offer their guidance to you without consulting fees. Whether you’re developing new marketing channels, expanding your team, or rolling out a new service, we’ll connect you with the right people to provide support through every step of the process. Our valuesPerformance: Demanding of excellence, unyielding in the search for truth, upholding the obligation to dissent, disciplined. Partnership: Trust, support, and respect – both internally and with our portfolio executive teams and employees. Our portfolio companies come first, Firm second, self third. Development: High expectations, invest in the individual, reap the rewards as a firm. Entrepreneurship: Valued in our firm, in our professionals, in our portfolio companies and their leadership. Principled: Fiercely protective of our reputation for professionalism and integrity, with everyone in our universe: executives, employees, intermediaries, investors, service providers. Investment focus & criteria We invest significant time and resources researching attractive industry segments. As a result, we can quickly assess whether we are interested in investigating a business further. This often takes place within 72 hours. If we are interested, we are able to leverage our research and move quickly to complete a transaction. Serent invests in great businesses with exciting growth prospects. Our investment approach is to identify sectors with robust growth, and then to invest significant time and resources researching those sectors to identify attractive business models. We focus predominantly on services businesses, particularly ones with moderate to light capital intensity, requiring limited capital expenditures. We also look for companies at key inflection points, where they can benefit from our experience and expertise in business building. GROWING SECTORS: We like businesses that operate in sectors that are undergoing significant change, with dynamics that create or expand a market opportunity beyond what has been available historically. Examples include sectors that are benefiting from strong demographic trends, from shifting distribution, sourcing, or staffing models, or from technology enablement. SCALABLE BUSINESS MODELS: We like emerging new businesses that have developed a “secret sauce” in the form of capabilities, resources, proprietary content/information, or other types of intellectual property. Typically, this secret sauce is delivered in the form of a service and has subscription or recurring revenue. These services benefit from increasing scale, which helps establish a sustainable and defensible market position. OPPORTUNITY TO BUILD BUSINESSES: We prefer to invest in companies that will benefit from the experience and expertise of Serent’s principals in business building. We believe that by partnering together, we can build great companies and earn great returns. We are open to buying businesses where an owner may not want an active role going forward, and we are very comfortable working with those owners and companies to ensure a smooth and successful transition for all parties. SIZE Serent Capital typically invests from $20 million to $200 million in B2B software companies with a strong product market fit and 30%+ Net Promoter Score (NPS). In general, the companies in which we invest have the following characteristics: REVENUE: We are comfortable with a range of annual recurring revenues, from $5 million (or a path to $5 million) to $100 million GROWTH: We focus on growing businesses and look for annual growth from 20-1000% PROFITABILITY: We look for businesses that are profitable or have a path to profitability STRUCTURE We make investments of the following types: RECAPITALIZATIONS: We provide liquidity for entrepreneurs looking to sell a majority or minority stake in their businesses, while allowing them either to retain operational control or to bring in a new management team. BUYOUTS: Through a highly collaborative process, we are able to develop thoughtful and successful exit strategies for business owners. Our versatile approach allows us to partner with existing management teams or to engage new management if needed. GROWTH CAPITAL: We bring our business building experience and financial capital to bear to make significant investments that accelerate growth. This is typically done in conjunction with a recapitalization. In our investments, we look for a meaningful ownership stake and always look for a role for Serent to work actively with management in building the business.

We are active partners from seed to exit and work closely with visionary founders and teams thoughout the different phases of scaling and internationalization. We find great value in ensuring mutual compatibility and alignment, as well as understanding the DNA of your company, BEFORE committing to working together. We focus on getting to know you and the team, typically during a 3-months period. We’ll work closely with you to understand what value we can bring, and to align expectations from both sides. Together, we will map out the opportunities, the challenges and the growth journey ahead Only then, after this “kissing period”, you and we will know if a partnership feels right. This makes the final decision and commitment feel easy. Introduction & fit People matter…and team dynamics are important to us. Every individual and team is unique and have their own strengths and perspectives, which is why our introductions are preferably done over a cup of coffee, where we can get to know one another. Throughout our interactions we look for fit and common values. We cherish people with strong convictions, with the background and experience to back them up. We do not take a transactional approach to investing, but see this as the beginning of a long-term professional relationship based on integrity and transparency…and yes, working together also needs to be fun! Experts & team building Scale Capital brings more than just capital; we bring decades of know-how, domain expertise and access to relevant networks and stakeholders in Europe and North America. We bring our Scale advisor and investor network into play, with more than 80 industry and domain experts that can bring strategic and operational value, even before we invest in your company. This is way for you, as founder, to assess our value add and expertise before making the big decision of bringing us on board as an investor and active partner. Term-sheet & 100-day plan We believe that term-sheets should be a kept simple, founder-fair and with the future scaling of the company in mind. That means no terms that hinder future fundraising or are misaligning interests of founders and investors. It has to be a win-win situation for all parties involved. Before we close any deal, we actively work with your team to develop an acceleration plan, a 100-day plan covering all aspects of your business. That way everyone is well-aligned by the time the investment is transferred into the company account and ready to be put to work. Access to the Scale network of advisors As a founder, you sometimes need someone to lean on, and learn from. Someone who has been in your shoes; made the mistakes, felt the pains and successes. We understand. That’s why we offer access to a wide network of more than 80 advisors and specialists, who can share operational expertise, industry insights and strategic advice to companies in our portfolio. FAQ Why focus on the US market? The United States is by far the largest economy in the world. It has one of the highest GDP pr. capita and a homogeneous market with 330 million consumers. The technology adoption is high, and the market for B2B technology products and services is the largest in the world. In many ways this is a dream market for ambitious tech entrepreneurs. However, it's a highly competitive market and the go-to-market strategy may look very different from what you are used to in your home market. Scale Capital has been working with technology companies for over a decade and developed and tested approaches for acceleration and scaling in US market; this involves setting up operations, finding product/market fit and scaling teams. In addition, we work with US partners to provide the required growth capital for every part of your journey. Through an extensive network of more than 50 advisors, we provide expertise and value to founders whether it’s on the ground in New York or San Francisco, or the Nordics. We help you win in the US market. What do we invest in? We invest in early stage technology companies at the growth inflection point between the Seed and Series A round and deploy $500k-$1.5M initially, with reserves for follow-on investments. Our sweet spot is B2B tech founder teams in the Nordics, who are determined to build global companies they can be proud of. How do we add value? We understand the entrepreneurs’ journey, as we’ve been down that road ourselves. We know how to listen and when to step in. We have been working with technology companies for over a decade and developed and tested approaches for acceleration and scaling in US market; this involves setting up operations, finding product/market fit and scaling teams, and together with our US partners provide the required growth capital for the journey. We are company builders focused on scaling businesses and empowering change. We are an active partner for the duration of your company's growth journey. Why the kissing period? We find great value in ensuring mutual compatibility and alignment, as well as understanding the DNA of your company, BEFORE committing to working together. We focus on getting to know you and the team, typically during a 3-months period. We’ll work closely with you to understand what value we can bring, and to align expectations from both sides. Together, we will map out the opportunities, the challenges and the growth journey ahead. Only then, after this “kissing period”, you and we will know if a partnership feels right. This makes the final decision and commitment feel easy.

Andav Capital is a New York-based venture capital firm investing in early stage FinTech and tech-enabled companies for above-market returns. At Andav Capital, we are active partners to our portfolio companies, deploying our global network and cross-functional experience for capital efficient growth, de-risking our portfolio companies through substantial and symbiotic partnerships with management teams, and introducing prudent operational and corporate governance practices. Our reputation as an accretive partner continues to attract proprietary deal flow and propel the best founders to seek our partnership, often allowing us to secure the most favorable investment terms and yielding best-in-class risk-adjusted economics for our Limited Partners. Our Portfolio Our portfolio consists of tech-enabled companies that have established product-market fit and are revenue-generating. We have invested in FinTech, DeFi, Web3, B2B SaaS, marketplaces, consumer AI/ML, and more. Our portfolio companies exhibit defensible competitive advantages and capital efficient growth compared to their peer class. We are also proud that the majority of our portfolio companies are led by female and diverse CEOs who also leverage impact and ESG-factors as core business drivers for long-term value creation and competitive differentiation. Our portfolio is outperforming industry benchmarks for venture capital firms with less than $50M AUM. We have been fortunate to invest alongside and prior to Fortune 500 CEOs, major VC firms, and leading investment banks and corporates, including PayPal CEO Dan Schulman, Kleiner Perkins, Morgan Stanley, and Salesforce.

We invest in growth-stage B2B SaaS companies with scalable business models and strong market potential. Our approach combines capital with hands-on support, ensuring companies are not only funded, but equipped to accelerate growth. We help companies enter new markets, strengthen their presence, and unlock growth. By combining strategy with hands-on support, we deliver measurable results including capital strategy and guidance on Innovation Norway grants and loans

PalasTree is a team of determined, and independent thinkers driven by intellect, creativity and passion. Our diverse, experienced and passionate team is our biggest strength. We are a small, diverse team with a laser focus on a select number of companies. We are always mindful of the eternal truths we have learned, both the easy and the hard ones. Our advantage stems from the strong network we have built over five decades of legendary founders helping each other. About us Our team is made up of hungry overachievers with a deep-rooted need to win, just like the founders we partner with. We all come from humble backgrounds, and many of us have founded or built our own companies. We all share the mindset of an entrepreneur and know what it means to walk this incredible entrepreneurial journey. We value our work, partners, founders, colleagues, and our entire network of well-wishers. We believe in building long-lasting relationships, and we avoid using terms like “deal” or “exit.” While we are sometimes called investors, we prefer to think of ourselves as builders of ecosystems. We believe that by creating synergistic partnerships over time, we can all achieve more together. Our beliefs are rooted in steady growth, and we are always willing to go the extra mile to provide an exciting and successful journey for our partners at PalasTree. Over the years, we have partnered with a few non-profits, and supporting these charities helps us stay grounded, grateful, and gives our work intense meaning. What We Do Our perception of a company is not just the idea, but a combination of the product or service, the people involved, the market processes, and the economic or financial impact. We understand that initial crucial decisions can have an exponential influence on the curve of success, so please reach out to us directly for an open and frank discussion. We are an entrepreneur’s most valuable and dependable partners. We support founding teams in areas such as fundraising, scaling high-growth companies, and international expansion. Our core team has hands-on experience in building, managing, developing, and retaining teams. We connect investors with the best early-stage companies that have the potential to create long-term value. Our experience has allowed us to identify the most profitable path forward for our portfolio companies. We build high-performing teams and create a positive and encouraging culture across our portfolio. StrengthsPartnership through openness and candor. Engage, support, and grow with entrepreneurs Filter and Cherry-pick portfolio companies Work flexible structures to fit the needs of both the investors and the founders Industry Focus AreasB2B/B2C SaaS based products and/or services Fintech solutions or services Healthcare Industry specially focusing on Digital Health products/services Software Infrastructure Innovative manufacturing industry products, solutions and services Ethical AI products and services

Counterpart Ventures is a life cycle venture capital fund, focused on investing in authentic relationships built on implicit trust with our founders. We embrace an innovative and flexible funding model which creatively aligns with the needs of our portfolio companies. We help build companies by providing meaningful access to real customers and strategic partnerships. We invest in B2B SaaS, mobility and marketplace technologies which target nontrivial problems or fill missing gaps in large markets. We don’t require social proof by blindly following other investors, when we have conviction we are all in. Today’s VC landscape is increasingly divided by micro and mega funds. Counterpart Ventures is uniquely positioned to price and lead rounds where others cannot or simply will not. Our ValuesConviction: Just win baby. We exert passion and demand excellence in everything we do. We deliver with unwavering conviction. Humility: We aren’t always right and believe it is good practice to acknowledge when we’re not. We believe in teamwork above all else and don’t take ourselves too seriously. Transparency: We don’t sit on the fence. We believe that brutal, honest feedback is the best kind of feedback. Authenticity: The same people you will meet 12 months from now. Authenticity worked for George Costanza so it can work for us too. Passion: Show grit and determination. When the front door is closed, go in through the window. Perseverance: There is no substitute for hard work or elevator to the top. Everyone must walk across the coals at some point in their life. Empathy: VC is a human business. Earn respect and build trust with your peers.